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BP is establishing a partnership focused on offshore wind energy in Japan

Offshore wind turbine photographed in the waters off the coast of Japan on October 4, 2013.

Yoshikazu Tsuno | AFP | Getty Images

BP has agreed to establish a strategic partnership with Japanese conglomerate Marubeni, which will focus on the development of marine windmills and potentially consider “other decarbonisation projects, including hydrogen”.

The agreement provides for the purchase by BP of a 49% stake in the offshore wind project offered in waters off the coast of Japan. An announcement by the energy company on Wednesday did not provide details on the size of the project and when it could be built.

According to him, the agreement “is subject to coordination control over the merger.” Due to the plans, BP should set up a “local offshore windmill developer group” in Tokyo.

The Japanese government is targeting 10 gigawatts of offshore wind energy by 2030. By 2040, its target will be 30 to 45 GW. According to the “ambitious forecast”, Japan’s sixth strategic energy plan envisages that in 2030 renewable energy sources will occupy from 36% to 38% of its balance of electricity production.

The country also wants to be carbon neutral by 2050. According to the International Energy Agency, to achieve this goal, “Japan is required to significantly accelerate the deployment of low-carbon technologies by 2030 to eliminate regulatory and institutional barriers and further strengthen competition in its energy markets.”

“It will also be important to develop different decarbonisation scenarios and prepare for the fact that some low-carbon technologies, such as nuclear, may not expand as quickly as expected,” the IEA added.

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Recently, a number of firms have drawn up plans related to the sea wind in Japan.

In August 2021, it was announced that RWE Renewables and Kansai Electric Power had signed an agreement under which the two companies were “jointly exploring the possibility of a large-scale floating offshore wind project” in waters off the coast of Japan.

In a statement released at the time, Sven Uthermolen of RWE Renewables said his company sees “great potential for floating wind farms around the world, but especially in countries with deeper coastal waters such as Japan.”

A few months earlier, in June, Japanese authorities said a consortium of six companies had been selected to develop a 16.8-megawatt floating marine wind farm off the coast of Gotha, Nagasaki Prefecture. There were no other contenders for the project.

As a major oil and gas producer, BP says it aims to become a zero-value company by 2050 or earlier. It is one of many large firms that have committed to zero results in recent years.

Although such commitments attract attention, in fact their implementation is a huge task with significant financial and logistical obstacles. The devil lies in the details, and goals can often be easy on the latter.

Last month, BP CEO Bernard Looney offered some insight into his firm’s strategy, calling it an “environmental company” that consumes carbon dioxide today but plans a zero future.

His comments – made during a panel discussion in Cairo, Egypt, moderated by Hadley Gamble of CNBC – probably raised eyebrows in some circles at a time when a number of governments have declared a climate emergency.

As part of the turn to renewable energy, Looney said three criteria must be met: energy must be cleaner, more reliable and affordable. According to him, the problem was complicated.

“We need to get to a world where a few things are happening,” Looney said. “First, our goal is to reduce emissions, not to sometimes defend ideological positions on ‘hydrocarbons or not.’

“Our goal is to reduce emissions, and if burning natural gas instead of coal reduces emissions, we need to take that step.”

Extending his opinion, Looney said that given that hydrocarbons are “such a massive part of the energy system today,” it is very difficult to imagine how that will change overnight.

“If we want this energy to remain available because we want this cycle where people want an energy transition, we need to invest in those hydrocarbons and reduce emissions,” he said before adding what his company is trying to do. it is.

BP is establishing a partnership focused on offshore wind energy in Japan

Source link BP is establishing a partnership focused on offshore wind energy in Japan

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